SLI.L Regulatory News (SLI)

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

30 JUNE 2011

Key Highlights

·; Net asset value per ordinary share was 62.2p as at 30 June 2011, a decrease of 2.9% from 31 March 2011

·; Cash held by the Trust of £15.8m as at 30 June 2011

·; Property worth £2.2m sold in Q2 2011

·; Dividend yield of 6.8% using the share price as at 8 July 2011 of 64.75p

Net Asset Value

The unaudited net asset value per ordinary share of Standard Life Investments Property Income Trust Limited at 30 June 2011 was 62.2 pence. This is a decrease of 2.9% percentage points over the net asset value of 64.1 pence per share at 31 March 2011.

The net asset value is calculated under International Financial Reporting Standards ("IFRS") and includes a provision for payment of an interim dividend of 1.10p per ordinary share for the quarter to 30 June 2011.

The net asset value incorporates the external portfolio valuation by Jones Lang LaSalle at 30 June 2011. The property portfolio will next be valued by an external valuer during September 2011 and the next quarterly net asset value will be published thereafter.

Breakdown of NAV movement

Set out below is a breakdown of the change to the unaudited net asset value per share calculated under IFRS over the period 31 March 2011 to 30 June 2011.

Cash position

As at 30 June 2011 the Company had borrowings of £84.4m and a cash position of £15.8m (excluding rent deposits) therefore cash as a percentage of debt was 18.7%.

Loan to value ratio

As at 30 June 2011 the loan to value ratio (assuming all cash is placed with RBS as an offset to the loan balance) was 42.7% (31 March 2011 43.1%). The covenant level is 65%.

Interest Rate Swaps

The interest rate swaps had a negative impact on the NAV of 0.5p per share or 0.8% over the quarter, and the fair value liability is £(6.8)m as at 30 June 2011. This fair value will reduce to £nil by Dec 2013, although not on a straight line basis.

All Enquiries:

Jason Baggaley - Real Estate Fund Manager Standard Life Investments

Tel 0131 245 2833

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Ltd

Trafalgar Court

Les Banques

GY1 3Q1

Tel: 01481 745324

Fax: 01481 745085

Appendix 1

Historical adjusted IFRS NAVs per Ordinary Share are as follows: